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Tower Resources excited as Welwitschia-1 well expected to spud in March


Tower Resources (LON:TRP) is becoming increasingly excited as the drilling of the hotly anticipated Welwitschia-1 well, offshore Namibia draws nearer.

The firm told investors Friday, however, that the scheduled arrival of the Rowan Renaissance dril-lship in Walvis Bay will be delayed by approximately one month.

"The rig is now scheduled to arrive at the well location on 23 March 2014 and it is estimated that the drilling of the Welwitschia-1 well will commence at the end of March 2014," it said in the statement.

Previously, it has been reported that Spanish giant Repsol was due to start drilling in February.

Tower chief Graeme Thomson said: "Whilst we have been aware of the more conservative timing suggested by Rowan's recent Fleet Status Report the formal notification from the operator and Rowan is in fact a new development, but it is only a short delay.

"We and the market are increasingly excited as the drilling of Welwitschia-1 draws closer and will provide further updates as we move towards the spud date of this giant prospect".

The Welwitschia-1 is targeting net risked recoverable resources of 496mln barrels of oil equivalent (mmboe) to Tower's 30% interest and promises to be one of the highest profile exploration wells drilled in Africa during 2014.

Quick facts: Tower Resources PLC

Price: 0.325 GBX

Market: AIM
Market Cap: £4.04 m

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